Canasil completes private placement
Canasil Resources Inc CLZ
Shares issued 7,724,878 1999-07-14 close $0.36
Thursday Jul 15 1999
Mr. J.H. Barclay reports
Further to the company's news release in Stockwatch, May 13, 1999, the private placement of 3 million special warrants at a price of 25 cents per special warrant has been completed.
Each special warrant entitles the holder to receive one common share without payment of any consideration in addition to the issue price of the special warrant on conversion of the special warrant.
The special warrants, and upon exercise, all of the shares, will be subject to restrictions on resale and may not be resold or otherwise disposed of in British Columbia for a period of at least 12 months from July 12, 1999, or a period of four months from July 12, 1999, in the event the company has filed and obtained confirmation of filing from the British Columbia Securities Commission for the company's annual information form.
The company will use the net proceeds of $750,000 from this private placement to finance new project acquisitions and to provide general working capital.
Corporate developments
The company has commenced a systematic search for an advanced stage mineral project that will transform the company from explorer to a profitable producer. In addition, the company is proceeding to identify potential industry joint venture partners who may participate in future project acquisitions. As previously announced, the company's new corporate mandate is to be a profitable mineral producer that will focus on financially robust projects in hospitable, resource-friendly environments.
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